Why bitcoin should be bullish at this moment!

[Japinat]

You forgot to mention that there is always what we called online banking, this would not transmit virus and its way faster compared to bitcoin transaction in the blockchain. Bitcoin as a purpose of payment alone would not be the reason why bitcoin should be bullish, I am seeing a bigger money coming in the crypto space which is from investors in stocks or traditional business to hedge their funds in crypto since the economy is down, their investments will be affected.

[el kaka22]

I agree that it should be bullish, at least for now but I do understand people being afraid as well. We need people to be encouraged to buy more but all of these ups and downs make them uncertain about the short future of bitcoin, we may think that bitcoin will be 10k in the future but we are not sure when that will happen, the next 10 days or so is still undecided and looks scary to get in which is why it is not really that bullish, it is not bearish neither, people are just undecided.

However every time there is a big increase that kills a lot of short futures and I am happy with that, as long as we keep killing these type of short futures that will continue to make people doubt about the shorts and that would actually cause them to be long instead and help us.

[whyrqa]

You forgot to mention that there is always what we called online banking, this would not transmit virus and its way faster compared to bitcoin transaction in the blockchain. Bitcoin as a purpose of payment alone would not be the reason why bitcoin should be bullish, I am seeing a bigger money coming in the crypto space which is from investors in stocks or traditional business to hedge their funds in crypto since the economy is down, their investments will be affected.

I also very much hoped that during the coronavirus pandemic, the cryptocurrency market will show better results than it actually is.  Today there is a great opportunity to attract investment in the cryptocurrency market, as businessmen will look for an alternative to reduce their losses from trading in stocks or black gold for example.  In addition, one must take into account the fact that cashless payments, which means digital currencies, will be in great demand in the current situation in the world.  It seems to me that in the near future we will feel the real changes in the cryptocurrency market for the better.

[STT]

In a weekly momentum consideration BTC is not bullish, its falling below 2 day moving average 8 day and also a longer term bearish trend from last summer.   Thats alot of snow to plow before the road is clear to the mountains of 5 figure sums such as 10k or more.   10k would be a bullish target, I'd modify that to say I'm neutral on the price near term but short term I think we go back and check support at a lower level.   Till we beat a level with confidence confirm it a few times and rise with volume, doubts will continue; so not quite bullish yet.



Flip the question and give ourselves a bearish target and that'd be as low as 4500 yet (viewed in the widest track possible, volatility continuing etc.) thats within a reasonable range of movement still.
   I'd be looking from 5k for value buying perhaps, I dont know the forthcoming news but we can guess there is negatives from spreading virus deaths and there isnt much bigger then untimely deaths to bring down sentiment, economic activity and monetary circulation.  All that adds to pressure negatively, very possible ever afterwards we've previously sold and recovered once.

[pooya87]

As now a day whole world is being affected by coronavirus people are not going outside and no one is going to work in fact the government is not allowing people to go to the office or anywhere so in this case people are referring to work and invest in online coins which are a good way to earn online I think this is the reason around us bitcoin is getting more value and price.

it is not the "whole world" it is only happening like that in certain countries that have it the worst such as US and Italy. otherwise in other countries things have only slowed down but have not shut down entirely like those countries since they reacted to the Coronavirus in a better way and controlled it more.
and i disagree with the second part too, people aren't suddenly gain the will to invest in cryptocurrencies just because they are in self-quarantine. if anything they are now worried about their next paycheck and what is going to happen to it since they are no longer attending their job.

[adaseb]

Most people these days rarely use cash. In China, I think most payments are done by Alipay which is by a phone. In North America we got these credit cards that have a "tap" feature and you just hold it close to the terminal and it will do it wirelessly.

Also most cash these days in most countries it made of different material that was used 20 years ago. Back then I remember it was made of a material which was paper pretty much and it could hold stains and viruses easily. These days its of a material thats similar to plastic, so it can be easily washed with a Lysol wipe if people are concerned.

I am bullish for bitcoin but this won't be the reason why people stop using cash and start using BTC.

[sunsilk]

As now a day whole world is being affected by coronavirus people are not going outside and no one is going to work in fact the government is not allowing people to go to the office or anywhere so in this case people are referring to work and invest in online coins which are a good way to earn online I think this is the reason around us bitcoin is getting more value and price.

But it wouldn't be enough to sustain their daily needs because understanding what an investment is, it should be for the long run. And people are understanding it the wrong way when they invest in bitcoin.

It's not a quick result investment and if we're going to base the things that happened during 2017. Many got it wrong and lost money because they understood it like it was a short term investment or an overnight type of investment.

[okala]

Many people did not understand that bitcoin can play the role of safe haven like gold in time of crisis like this and therefore are selling for cash in other to solve the problem that covid19 has caused. I believe when everything settle down peoples are going to regret why they sell off at this time of crisis.

[Kelvinid]

One way or another, people laid out their funds on Bitcoin in order to make good profits due to its volatility.  To date, Bitcoin does not yet have that stable value, due to which it can be considered that Bitcoin is a good refuge for savings.  But nevertheless, in the current situation, when the world is again on the verge of an economic crisis, which is fueled by the coronavirus epidemic, I believe that digital assets are even more profitable and in demand than it was until now.  According to statistics, cryptocurrency has been one of the most popular and profitable investments since 2010.

We can't deny how people look that way and to prove that Bitcoin is really profitable. But this time, we are about to face the big challenge. We thought that this crisis will help to increase the crypto demand but it looks opposite to that and the bad thing is that, we also dump together with the global market. But of course, it doesn't mean that we live long to this situation in fact we saw the market price soars high.

[sheenshane]

Correct, there should be a bullish of Bitcoin price at this time but people prefer to use fiat because not all places in the world have an internet connection. Implementing a contactless mode of payment at this time is a very important thing while following the social distancing to avoid being infected with this pandemic covid-19.

Probably one of the hundreds of reasons might Bitcoin is not fully legal in most countries so, people cant use it as a mode of payment. However, there are too many ways to in implementing contactless payment, we have an e-banking system that might very common at this time. But at least we have witnessed now the improvement of the Bitcoin price even the pandemic was still there.

[btc78]

but people prefer to use fiat because not all places in the world have an internet connection.

I dont think this is appropriate because everyone that engaging to Bitcoin has all internet connection so whom are those who has no internet .

Probably one of the hundreds of reasons might Bitcoin is not fully legal in most countries so, people cant use it as a mode of payment.

this don't concern people outside crypto because we have already Hit a 20k$ level without them investing here so this is a call for all crypto investors.

[arwin100]

One way or another, people laid out their funds on Bitcoin in order to make good profits due to its volatility.  To date, Bitcoin does not yet have that stable value, due to which it can be considered that Bitcoin is a good refuge for savings.  But nevertheless, in the current situation, when the world is again on the verge of an economic crisis, which is fueled by the coronavirus epidemic, I believe that digital assets are even more profitable and in demand than it was until now.  According to statistics, cryptocurrency has been one of the most popular and profitable investments since 2010.

We can't deny how people look that way and to prove that Bitcoin is really profitable. But this time, we are about to face the big challenge. We thought that this crisis will help to increase the crypto demand but it looks opposite to that and the bad thing is that, we also dump together with the global market. But of course, it doesn't mean that we live long to this situation in fact we saw the market price soars high.

Yeah I thought before that bitcoins can get a limelight when the crisis is on the road but those expectation doesn't come along since the one happening is the down side since many people decide to cash out their funds to buy goods for food security but gladly we are in good response right now after people now china is now on recovering state and people there starting to regain back to their normal life and I believe this one trigger the other whales to start to believe or stored back again some bits for future.

[Botnake]

this don't concern people outside crypto because we have already Hit a 20k$ level without them investing here so this is a call for all crypto investors.

I fully agree with this, we have investors here that could even make the price higher that its ATH, however, we've see the result in the past, it did not stay longer that was only due to the hype and eventually the price fell again.

Therefore we need some big adoption that will make this market stronger and I hope to see it slowly and the price will consistently rise so we can build a strong foundation that cannot be easily manipulated.

[ethereumhunter]

Payment for goods and services through cash can transmit Corona virus, doing transactions through bank, especially cash deposits can also transmit the virus. The safest way that we can create values and pay for goods and services during this time still remain blockchain and those selling off at this moment are doing so because they did not spend time to study the Blockchain technology and how it works.

But unfortunately, some people out there are not ready for the coming of the blockchain, and they still prefer by using cash or credit/debit cards. The only way they can feel safe is by using third apps in their mobile phone to order the services, whether its food, drink, or their daily needs, and they will pay using a direct payment that is available through that apps. People need to deposit the money to their account so they can use it to buy something.

But if bitcoin can be used as another payment method in that apps, that doesn't mean bitcoin will be on bullish because not all people want to use bitcoin as the payment, but some people will use bitcoin as the investment. Maybe they will use the other coins to be used as the payment.

[Japinat]

You forgot to mention that there is always what we called online banking, this would not transmit virus and its way faster compared to bitcoin transaction in the blockchain. Bitcoin as a purpose of payment alone would not be the reason why bitcoin should be bullish, I am seeing a bigger money coming in the crypto space which is from investors in stocks or traditional business to hedge their funds in crypto since the economy is down, their investments will be affected.

I also very much hoped that during the coronavirus pandemic, the cryptocurrency market will show better results than it actually is.  Today there is a great opportunity to attract investment in the cryptocurrency market, as businessmen will look for an alternative to reduce their losses from trading in stocks or black gold for example.  In addition, one must take into account the fact that cashless payments, which means digital currencies, will be in great demand in the current situation in the world.  It seems to me that in the near future we will feel the real changes in the cryptocurrency market for the better.

As now a day whole world is being affected by coronavirus people are not going outside and no one is going to work in fact the government is not allowing people to go to the office or anywhere so in this case people are referring to work and invest in online coins which are a good way to earn online I think this is the reason around us bitcoin is getting more value and price.

Investing online does not easily mean profit, these people does not have work, they need a consistent income and that is not through investing as investing has a risk and no one will be able to ensure that when they invest they easily make profit especially for those who are just new in crypto.

[Questat]

Therefore we need some big adoption that will make this market stronger and I hope to see it slowly and the price will consistently rise so we can build a strong foundation that cannot be easily manipulated.

In order to achieve a big adoption, we need to have a lot of platform in the crypto space so people will stay.
Gambling sites are one important platform that would attract adoption, but surely there will be more in the future only if altcoins will survive and succeed.